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San Fernando Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data
San Fernando Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of October 2023: Cost Retail Beginning Inventory $30,000 $50,000 Net purchases 10,000 29,600 Net markups 800 Net markdowns 400 Net sales 32,000 Estimate the average cost of goods sold for October using the information provided.
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